I have a 1/4 inch seam foot that came with my machine and it works great but gives a full 1/4 inch seam. I loose almost 1/8 inch from pressing so I was wondering if anyone has found a foot with a guide that achieves a SCANT 1/4 inch seam?

I placed a blue tape strip on my machine to use as a guide for the SCANT line but it doesn't really work well because once your fabric goes over the line into the blue tape, you can't tell you are over the line instead of just along it. I guess I could move the tape to the left side (so it is under the fabric) and have it poke out just a tiny sliver so that I watch to make sure I always have just that small sliver of blue showing. I really like the guide edge on my 1/4 inch foot and would just like to find a similar one that does a SCANT 1/4 inch.

If you can move your needle in increments to the right that would give you a "scant".

You can keep your fabric a "hair" under the edge of the 1/4" foot, which will give you the desired result. It's only a thread or two less than 1/4" that you want.

No, you have to adjust the needle (usually one click) to get the scant. However, I have an old Viking (not that old) that the button for 1/4" sets it at the scant.

What brand and model of machine do you have?
I have Vikings and move the needle to the right.

I have a Janome 6019QC. I didn't see anything about moving the needle over in the manual. I'll have to look again.

It's not all in the sewing. If you are losing an 1/8" each seam, it's probably also due to cutting, pressing, and thread. I've struggled with this myself and using 50wt thread (Aurifil or Masterpiece for me, but Mettler, CT, and others also have 50wt), pressing carefully with a hot, dry iron, and cutting just a few layers at time, carefully, has helped as much as careful sewing. My favorite piecing machines are my Berninas, in part because of how great the 1/4" feet (one with a sturdy right guide, one without). Featherweights are also great for piecing and there are so many aftermarket feet for them that you are sure to find one that suits you. My Quest Plus is also a great piecing machine. Another big help is a screw down seam guide.

My Viking does that as well. The only other suggestion I would add is to take a stack of post-it notes to mark your 'scant' measurement. This way your fabric is butting up against the stack vs. sliding over the edge of the tape.

Oh, and I can move the needle over one click even with the 1/4" feet. My Quest Plus has 81 (yes, eight-one!) needle positions, so I can move it a couple clicks even with the straight stitch feet.

Another needle mover over here. Good luck!